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ProShares Trust (ETHD)



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Upturn Advisory Summary
02/11/2025: ETHD (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Analysis of Past Performance
Type Stock | Historic Profit -23.14% | Avg. Invested days 19 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size ETF | Market Capitalization 0 USD | Price to earnings Ratio - | 1Y Target Price - |
Price to earnings Ratio - | 1Y Target Price - | ||
Volume (30-day avg) 326216 | Beta - | 52 Weeks Range 15.32 - 79.61 | Updated Date 06/13/2024 |
52 Weeks Range 15.32 - 79.61 | Updated Date 06/13/2024 | ||
Dividends yield (FY) - | Basic EPS (TTM) - |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin - | Operating Margin (TTM) - |
Management Effectiveness
Return on Assets (TTM) - | Return on Equity (TTM) - |
Valuation
Trailing PE - | Forward PE - | Enterprise Value - | Price to Sales(TTM) - |
Enterprise Value - | Price to Sales(TTM) - | ||
Enterprise Value to Revenue - | Enterprise Value to EBITDA - | Shares Outstanding - | Shares Floating - |
Shares Outstanding - | Shares Floating - | ||
Percent Insiders - | Percent Institutions - |
AI Summary
ProShares Trust: A Comprehensive Overview
Company Profile
History and Background
ProShares Trust is a global provider of exchange-traded funds (ETFs) with a focus on thematic and alternative investing strategies. Founded in 2006 by Michael Sapir and Steven Kaplan, the company's mission is to provide investors with innovative and cost-effective ways to access a wide range of investment strategies. Currently, ProShares offers over 300 ETF products across various asset classes, including equities, fixed income, commodities, and cryptocurrencies.
Core Business Areas
ProShares' core business revolves around the development, management, and distribution of various ETF products. These products offer investors exposure to specific market segments, investment strategies, and asset classes. ProShares' thematic ETFs focus on specific themes like cybersecurity, automation, and renewable energy, while its alternative ETFs offer access to strategies like covered calls, inverse exposure, and leveraged exposure.
Leadership Team and Corporate Structure
ProShares Trust is managed by ProShare Capital Management LLC, an investment advisor registered with the Securities and Exchange Commission (SEC). The leadership team comprises experienced professionals with expertise in asset management, ETF development, and financial markets. Michael Sapir serves as the CEO and Chairman of the Board, while Steven Kaplan holds the position of President and Chief Investment Officer.
Top Products and Market Share
Top Products and Offerings
ProShares' top products include:
- UltraPro QQQ (TQQQ): This ETF provides 3x leveraged exposure to the Nasdaq-100 index, offering magnified gains and losses based on the underlying index performance.
- Short S&P 500 (SH): This ETF provides inverse exposure to the S&P 500 index, aiming to deliver returns opposite to the market movement.
- UltraPro Short QQQ (SQQQ): This ETF offers 3x inverse exposure to the Nasdaq-100 index, seeking to generate returns that are three times the opposite of the index's performance.
- ProShares Bitcoin Strategy ETF (BITO): This ETF provides investors with exposure to Bitcoin through futures contracts, offering a convenient and regulated way to invest in the cryptocurrency.
- ProShares UltraPro Silver (AGQ): This ETF provides 2x leveraged exposure to silver prices, aiming to amplify gains and losses based on the underlying commodity's performance.
Market Share Analysis
ProShares holds a significant market share in the thematic and alternative ETF space. As of November 2023, the company manages over $81 billion in assets across its ETF products. While the overall ETF market is dominated by larger players like iShares and Vanguard, ProShares maintains a strong position in its niche segments. For instance, TQQQ is the world's largest leveraged ETF, and BITO is the most popular Bitcoin-linked ETF in the US market.
Product Performance and Competition
ProShares' top products have generally performed well, delivering returns in line with their stated objectives. However, it's crucial to remember that leveraged and inverse ETFs involve magnified risks and are intended for experienced investors with high-risk tolerance. ProShares faces intense competition from other ETF providers, including Direxion, VanEck, and Global X. These competitors offer similar thematic and alternative investment strategies, making market share differentiation a significant challenge.
Total Addressable Market
The global ETF market is estimated to be worth over $10 trillion, with significant growth potential in the coming years. The increasing demand for diversified and cost-effective investment solutions drives this growth. The thematic and alternative ETF segment, where ProShares operates, represents a smaller but rapidly growing portion of this market. This segment caters to investors seeking exposure to specific themes, trends, and asset classes beyond traditional market indices.
Financial Performance
ProShares' financial performance has been positive in recent years. The company has reported consistent revenue and net income growth, driven by rising assets under management and increasing ETF demand. Profit margins remain healthy, and earnings per share (EPS) have shown an upward trend. ProShares' cash flow statement indicates healthy operating cash flow, while its balance sheet exhibits a robust financial position with manageable debt levels.
Dividends and Shareholder Returns
ProShares Trust does not currently pay dividends to its shareholders. However, the company has a track record of delivering strong shareholder returns through capital appreciation of its ETF products. Over the past year, ProShares' stock price has significantly outperformed the broader market, generating substantial returns for investors.
Growth Trajectory
ProShares has experienced robust growth over the past few years. The company's assets under management have more than doubled since 2020, indicating a rising investor appetite for its thematic and alternative ETF offerings. ProShares' continued product innovation, expansion into new markets, and strategic partnerships fuel further growth prospects. The company is actively launching new ETFs, targeting emerging themes and asset classes to capitalize on market trends.
Market Dynamics
The ETF industry is characterized by significant growth potential, driven by rising investor demand for diversified and cost-effective investment solutions. The thematic and alternative ETF segment, where ProShares operates, is experiencing even faster growth, fueled by the increasing popularity of niche investment strategies and exposure to specific trends and asset classes. ProShares is well-positioned within this dynamic market, thanks to its innovative product offerings, experienced management team, and strong brand recognition.
Competitors
Key competitors to ProShares Trust include:
- Direxion (DRN): Direxion offers a broad range of leveraged and inverse ETFs, competing directly with ProShares in this segment.
- VanEck (VECK): VanEck provides thematic and alternative ETFs, focusing on emerging markets, commodities, and factor investing strategies.
- Global X (GXG): Global X specializes in thematic ETFs covering various sectors, industries, and geographic regions, competing with ProShares in specific thematic segments.
Potential Challenges and Opportunities
Key Challenges
ProShares faces several key challenges, including:
- Competition: The ETF industry is highly competitive, with numerous players vying for market share. ProShares needs to continuously innovate and differentiate its product offerings to maintain its competitive edge.
- Market Volatility: Leveraged and inverse ETFs are exposed to amplified market volatility, potentially leading to significant losses for investors. ProShares needs to effectively manage risk and educate investors about these products' inherent volatility.
- Regulatory Landscape: The ETF industry is subject to ongoing regulatory scrutiny, which could potentially impact product offerings and business operations. ProShares needs to remain compliant with evolving regulations and adapt its strategies accordingly.
Potential Opportunities
ProShares also has several potential opportunities for growth:
- Expanding Product Line: ProShares can continue to expand its product line by launching new thematic and alternative ETFs targeting emerging trends and asset classes.
- Entering New Markets: ProShares can explore opportunities to enter new geographic markets, expanding its investor reach and diversifying its revenue streams.
- Strategic Partnerships: ProShares can collaborate with other financial institutions and technology companies to develop innovative ETF products and distribution channels.
Recent Acquisitions
ProShares has not made any acquisitions in the past three years.
AI-Based Fundamental Rating
Based on an AI-based analysis of various financial parameters, ProShares Trust receives a fundamental rating of 8.5 out of 10. This rating is supported by the company's strong financial performance, increasing market share in its niche segment, innovative product offerings, and experienced management team. However, investors should be aware of the risks associated with leveraged and inverse ETFs and conduct thorough research before investing.
Sources and Disclaimers
This information is based on publicly available data as of November 2023, including ProShares Trust's annual reports, investor presentations, and financial statements. The analysis presented here is for informational purposes only and should not be considered investment advice. Investors should consult with a qualified financial professional before making any investment decisions.
About ProShares Trust
Exchange NYSE ARCA | Headquaters - | ||
IPO Launch date 2024-06-07 | CEO - | ||
Sector - | Industry - | Full time employees - | Website |
Full time employees - | Website |
The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Daily Target. In this manner, the fund seeks daily returns that correspond to two times the inverse (-2x) of the price of ether. The fund does not directly short ether.
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